Asked by Angela Espinoza on Jun 29, 2024
Verified
The procedure for liquidating a corporation is outlined in:
A) The Bankruptcy and Insolvency Act.
B) The BNA Act.
C) The Canadian Constitution.
D) The Corporation Liquidation Act.
E) The Small Business Reform Act.
Liquidating Corporation
A process wherein a company sells its assets, pays off creditors, and distributes any remaining assets to shareholders, effectively dissolving the company.
Bankruptcy and Insolvency Act
Legislation that provides the legal framework for the resolution of financial distress and insolvency situations, including the reorganization or liquidation of debtor assets.
- Identify the processes involved in liquidating a corporation and the associated legal frameworks.
Verified Answer
DB
Devyol BekawalaJul 02, 2024
Final Answer :
A
Explanation :
The Bankruptcy and Insolvency Act outlines the procedure for liquidating a corporation in Canada, providing the legal framework for the dissolution and liquidation of insolvent corporations.
Learning Objectives
- Identify the processes involved in liquidating a corporation and the associated legal frameworks.
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